Monday 17 May
-Full-year results from Ryanair
-First-half results from Hollywood Bowl
-Rightmove UK house price index
-Chinese fixed asset investment, retail sales and industrial production growth figures
-US NAHB house building industry confidence index
-In Asia, quarterly results from Tencent Music
-In Europe, maiden results from Vodafone spin-off Vantage Towers
Tuesday 18 May
-Land Securities full-year results
Land Securities provided a trading update in April on rent payments due in the January-to-March period, the fourth and final quarter of the real estate investment trust’s (Reit) financial year. It showed that 67% of rent was paid on time, an improvement on the 65% of a year ago.
Analysts will look for the value of the Reit’s assets. The shares are trading at a 30% discount as the market expresses its concerns over future asset values and rents, according to AJ Bell investment director Russ Mould.
Analysts will look for an update on strategy, the pipeline of new developments, and how Land Securities think the government’s plan to lift the rent moratorium in June will play out.
-UK unemployment, wage growth and inflation figures
The Bank of England has cut its forecast for peak unemployment in the wake of the pandemic to 5.5%, signalling that more jobs could be lost from February’s reading of 4.9% but the figure is historically low for a recession. However, the furlough scheme is still needed to support a lot of workers and the claimant count has rocketed to 2.7 million, although that number has begun to flatten out.
The Office for National Statistics will also publish a wage growth figure for March. February’s rate of increase was 4.5%, but the key benchmark will be the inflation figures for April.
However, AJ Bell financial analyst Danni Hewson said: “Lots of economists are looking nervously at increased commodity prices and increased producer price – and factory gate price – indices, as they fear that inflation is about to pick up.”
-Vodafone full-year results
Despite Vodafone’s £330m share buyback, the launch of its spin-off Vantage Towers and its portfolio restructuring, its shares are trading no higher than they did in May 1998, just before the tech, media and telecoms bubble. €44bn of net debt, fierce competition and the effects of Covid have all weighed the share price down, said AJ Bell.
February’s third-quarter update showed service revenues grow by 0.4% year-on-year. Analysts forecast a 3% drop in Ebitda from €14.9bn last year to €14.4bn. The consensus for the year just begun is a 4% increase to €15bn.
Dividends were cut to €0.09 in the year to March 2019, the first-ever reduction, and it has remained unchanged. The first-half payment was flat at €0.045 and the same figure is expected for the second half.
-Full-year results from Cranswick
-First-half results from Topps Tiles
-Trading statements from Imperial Brands, Aston Martin Lagonda, Britvic and ShoeZone
-Japanese Q1 GDP growth numbers
-EU Q1 GDP growth numbers
-US new housing permits and new housing starts data
-In Asia, quarterly results from Baidu and Sea Limited
-In the US, quarterly results from Wal-Mart and Home Depot
Wednesday 19 May
-Full year results from Experian, Premier Foods, Inspecs and Great Portland Estates
-First-half results from Marston’s
-Trading statements from National Express and TI Fluid Systems
-EU inflation figures
-US weekly oil inventory figures
-In Asia, quarterly results from JD.com and Singapore Airlines
-In the US, quarterly results from Cisco, Analog Devices and L-Brands
Thursday 20 May
-Full-year results from Royal Mail, National Grid and NBrown
-First-half results from Easyjet
-Trading updates from Kingfisher and Watches of Switzerland
-US weekly unemployment claims
-In Japan, quarterly results from Tokio Marine, one of the insurers at the centre of the Greensill Capital storm
-In the US, quarterly results from Applied Materials and Nasdaq-quoted Manchester United
Friday 21 May
-Full-year results from Young & Co’s Brewery
-Flash purchasing managers’ indices (PMIs) from Asia, Europe, the UK and the US
-US existing homes sales data
-In the US, quarterly results from Deere
